Dragas Mortgage

Dragas Mortgage Company welcomes Marcia Glenn to Virginia Beach office

2012-07-03T07:08:00.002-07:00

Lisa Parker, President of Dragas Mortgage Company, announced that Marcia Glenn has joined its Virginia Beach office as Senior Loan Officer.

Ms. Glenn has over 25 years of residential lending experience in Hampton Roads with a special focus on working with first-time homebuyers, as well as Conventional, FHA ,VA and Construction to Permanent financing.

A graduate of The University of The State of New York, Ms. Glenn has served on several affordable housing initiatives including Reside With Pride and Housing Strategy Group under the Department of Housing and Neighborhood Preservation in Virginia Beach, Urban Business Development Corporation in Norfolk; Norfolk Homebuyers Club under Norfolk Redevelopment and Housing Authority, The Community Development Corporation in Virginia Beach and The Urban League of Hampton Roads.

Dragas Mortgage Company has been providing loans for home purchases and refinances to homeowners in Hampton Roads since 1968.

NAHB Holds Out Strong Hopes for an Improved 2012 for Housing

2012-02-10T13:40:00.000-08:00

The Mortgage Bankers Association posted a story in their recent newsletter showing strong hopes by The National Association of Home Builders for 2012:

"Freddie Mac (FMCC) Chief Economist Frank Nothaft, who also issued a housing outlook at the NAHB conference, expects total home sales to grow between 2% and 5% this year, thanks in part to still-low mortgage interest rates. He anticipates the average rate on a 30-year mortgage will remain below 5% this year.

Many economists are expecting a brighter year for housing, citing positive economic data recently. The nation's gross domestic product expanded slightly last year. The U.S. has been steadily adding more jobs. And the national jobless rate has fallen from 9% as recently as September to 8.3% last month."

To enjoy the complete article, click here.

Does Refinancing Again Make Sense?

2012-02-07T06:37:00.000-08:00

A recent article on Mainstreet.com makes the case for refinancing to today's historically low interest rates, even if you just refinanced within the last year:

Refinancing, even if you just did it six or nine months ago, certainly makes plenty of financial sense these days. Freddie Mac is out with a report stating that 49% of homeowners who refinanced their mortgages during the fourth quarter of 2011 reduced the principal balance on their mortgages – the highest percentage in 26 years.

The study also shows that the median interest rate reduction was 1.4%, a 26% savings on mortgage interest rates, and during the first year of the newly refinanced loan the average dollar savings totaled $2,700 on a $200,000 home loan.

“Savvy homeowners are taking advantage of some of the lowest fixed-rate [mortgages] in more than 60 years to lock in interest savings,” says Frank Nothaft, vice president and chief economist at Freddie Mac.

To enjoy the full article, click here.

If you have refinanced within the past year and are uncertain if refinancing again makes sense for you, contact us at dragasmortgage.com for a refinance analysis. With interest rates at the lowest level they have ever been, you may be able to not only save money each month by refinancing, but a substancial amount over the life of the loan.

Mortgage Rates Hit Record Low

2012-02-03T08:01:00.000-08:00

Les Christie of CNNMoney.com reports that mortgage rates have hit an all-time low this week, on the heels of President Obama’s announced proposal to enable millions of homeowners to refinance to today’s low interest rates:

By Les Christie @CNNMoney February 2, 2012: 1:35 PM ET

NEW YORK (CNNMoney) -- Just one day after President Obama detailed a proposal to enable millions of homeowners to refinance to record-low mortgage rates, those rates notched another record.

The 30-year, fixed rate fell to an average of 3.87% and the 15-year fixed dropped to 3.14% for the week ending February 2, both the lowest rates ever recorded in the 40-year history of the Freddie Mac Primary Mortgage Market Survey.

For the complete article, click here.

For information on how you can take advantage of today’s historically low interest rates, visit www.dragasmortgage.com. Dragas Mortgage can assist you in finding the best program to fit your financing needs, whether you are purchasing a new home, or refinancing the home you already own.

Mortgage Loan Applications Are Up Significantly, Helped by Record-Low Interest Rates

2011-12-13T07:42:00.000-08:00

The Mortgage Bankers Association (MBAA) released their Weekly Mortgage Applications Survey for the week ending December 7, 2011. The weekly survey showed a significant increase in both purchase and refinance activity. Says Michael Fratantoni, MBA's Vice President of Research and Economics, “Coming out of the Thanksgiving holiday, applications increased significantly as mortgage rates dropped to their lowest levels in about two months. In particular, refinance applications increased sharply, with some lenders seeing refinance volume double..". For the complete press release from MBAA, click here.

Are you ready to purchase a new home, or save money by refinancing the home you already own? At Dragas Mortgage, we can work with you to find you the best loan to fit your needs. Click here to be contacted by a loan specialist today.

Happy Thanksgiving from Dragas Mortgage

2011-11-24T08:00:00.000-08:00

Our staff at Dragas Mortgage Company would like to wish you a very Happy Thanksgiving! Our office will be closed on November 24th and 25th in observance of the holiday. We will reopen on Monday, November 28th at 9am. For inquiries this weekend, please complete an on-line application and a Loan Specialist will contact you as quickly as possible.

Rates Continue to Remain Low

2011-11-21T08:06:00.000-08:00

Rates are still low and it’s a great time to purchase a home or refinance! Please enjoy the following article from Inman News. To follow Inman on-line, a great resource for real estate news, click here and bookmark in your favorites.

http://www.inman.com/news/2011/11/17/mortgage-rates-near-historic-lows-third-straight-week

Contact us at www.dragasmortgage.com to get today's rate quote and be pre-qualified for your new home or to refinance the home you already own.

The Truth Behind Credit Score Myths

2011-11-18T06:40:00.000-08:00

Tom Quinn of Credit.com has a great article on MSN Money today dispelling some typical credit score myths. When counseling people on their credit, we've definitely heard most of these myths over the years. The best advice we can give you if you are shopping for a home and are concerned about your credit score is to meet with a mortgage professional that will sit down with you and go over your credit report and counsel you in what you can do to improve that all-important credit score. At Dragas Mortgage, we are happy to meet with prospective homebuyers and work with you to pre-qualify you for your new home by credit counseling and advising you on what program would best fit your needs. Contact us today to get started.
For the complete article on MSN Money, click here.

Refinancing at today's low interest rates can save you big over the life of the loan

2011-11-17T10:47:00.000-08:00

You've heard over and over again that rates are the lowest they have ever been, right? Maybe you think that your current interest rate is not high enough to benefit from refinancing. The old standard of having to reduce the rate by 2% really doesn't apply if the monthly savings you will see by refinancing will offset any costs within a short period of time.

An article in the December 2011 issue of Kiplinger Personal Finance Magazine, Pat Mertz Esswein, Associate Editor says:

"If you already have a low-interest mortgage, you may not think it’s worth the effort to refinance. But the average 30-year fixed rate is hitting record lows of 4% or less. That means if you’re paying 5% or more, chances are you can save money -- assuming you stay in your home long enough to recoup the closing costs." Click here for the full article.

We couldn't agree more! Saving money by paying less interest over the life of your mortgage just makes sense, as long as you intend to own your home for the next few years. At Dragas Mortgage Company, we can assist you in finding the mortgage program that makes sense for you and for your financial goals, whether it's reducing your monthly payment, or shaving years off of the term of your loan. Contact us today to get started.

Our commitment to first-time homebuyers continues

2011-10-26T09:10:00.000-07:00

Congratulations to Dana Binder of Dragas Mortgage Company for being named as the top producing loan officer in Hampton Roads for Virginia Housing and Development Authority! VHDA is a not-for-profit organization that helps Virginians, primarily first-time homebuyers, attain quality, affordable housing.

Dana is the only loan officer in Hampton Roads to be included in the “Gold Circle” level of loan officers for VHDA, meaning she has closed at least 30 loans with VHDA from June, 2010-July, 2011.

Rates are at historic lows, but does an ARM still make sense?

2011-10-26T09:08:00.000-07:00

The 30 year fixed rate is still hovering around 4%, so why would anyone consider an adjustable rate mortgage? A recent article by Joe Mont of The Street, points out that in certain circumstances, an ARM still makes good financial sense:

To lower payments further, especially on jumbo loans.
If they have a job that moves them around every few years.
If they know that they will be downsizing or moving — after their children finish school, for example — or no longer need the home they are in and that paying the loan off in full over 30 years is not a goal.

No matter what your current financial situation is, it’s important to work with a lender that can counsel you on what makes the best sense for you. At Dragas Mortgage Company, we can work with you one-on-one to make sure the mortgage loan you apply for is the best fit for you.

For a link to the complete article, click here.

Anatomy of a Credit Score

2011-10-19T13:27:00.000-07:00

Anatomy of a Credit Score

Sure, you’ve got debt, but you’ve never missed a payment so you must have a high credit score, right? Think again. Although payment history does account for 35% of your credit score, there are several other factors that can also make or break you and your ability to obtain credit.

How much you owe is almost as important and how timely you pay

30% of your overall score is based on how much credit you have outstanding relative to the credit limits on your accounts. So, even though you have never missed a payment, being at or close to the limit on an account will still cost you. Experts have even gone so far as to suggest that no more than 35% of our available credit should be borrowed against in order to keep your score in top shape.

Mom and Dad may have an edge on you

When it comes to credit scores, age matters. Actually, the length of time you have had credit established can account for up to 15% of your score. So, even if you’ve got your debt under control and have never missed a payment, Mom and Dad may still have you beat on credit scores because of the simple fact they have probably had a longer established credit history.

That balance transfer offer may save you interest now, but may cost you on larger purchases down the road

An offer arrives in the mail for a new credit card with a low balance transfer rate. Even though it looks like a no-brainer, the lower interest rate you may pay with the new card may not be worth the potential hit to your credit score if you are looking to make a major purchase down the road, such as a new home or car. 10% of your credit score is determined by how many newly opened accounts you have, as well as the types of accounts they are (credit cards, finance companies, etc). Balance transfer offers can make sense at the right time, but if you are shopping for a home or other major purchase you may want to hold off on establishing any new credit for the time being.

What about inquiries?

People are always asking us what effect a mortgage inquiry will have on their credit score when they are pre-qualifying for a home loan. In general, inquires account for a very small percentage of your credit score, and certain types of loans, such as mortgages, where it is typical to shop around for the best rate, have an even smaller effect. The newest credit scoring modules allow for multiple inquires within a 30 day period to count as only one total inquiry, as long as they are assumed to be for the same type of financing (mortgage, auto or student loans).

Now that I understand how a credit score is calculated, how do I find mine out?

You can contact the three major credit bureaus to request a copy of your credit report and credit score:

http://www.experian.com/

http://www.transunion.com/

http://www.equifax.com/

At Dragas Mortgage Company, we will send you a copy of your credit score whenever you pre-qualify with us for a mortgage, along with a summary of what factors went into determining your score. If your credit needs a little TLC before you are ready to purchase a new home, we can counsel you on how to improve your credit and stay in contact with you to help you move from renter to homeowner. Prequalify today at http://www.dragasmortgage.com/.

Lisa S. Parker Appointed President of Dragas Mortgage Company

2011-10-19T06:52:00.001-07:00

Helen E. Dragas, President and Chief Executive Officer of The Dragas Companies, announced the appointment of Lisa S. Parker as President of Dragas Mortgage Company.

Lisa Parker has served as a mortgage originator and production manager in Hampton Roads for over 20 years. Ms. Dragas commented, “Lisa Parker embodies a commitment to customer service that is in alignment with the values and track record of all of The Dragas Companies. She is the ideal person to lead Dragas Mortgage Company through its fifth decade of successful operation.”

Dragas Mortgage Company has been providing loans for home purchases and refinances to homeowners in Hampton Roads since 1968.